Gotta love it.
Topic: Privacy coins getting delisted - page 2. (Read 688 times)
And Monero up since this was announced.
Gotta love it.
Gotta love it.
If the reason for delisting privacy coins is to prevent criminal activities, then it will be good for us,
because i think scammer or hacker using privacy coins to erase their trace.
popular privacy coins have big volume in exchange, it means they will lose some profit if they delist the coins.
because i think scammer or hacker using privacy coins to erase their trace.
popular privacy coins have big volume in exchange, it means they will lose some profit if they delist the coins.
With travel rule, MLD5, etc., I'm afraid the future of "anonymous" exchange and coins aren't bright. We will see more exchanges implement stricter KYC and pressured to delist privacy coins in the EU and US.
It's interesting to see how the price would react to this battle since this is pretty serious. If you are a privacy coins holder, you should keep an eye on how this progressed.
It's interesting to see how the price would react to this battle since this is pretty serious. If you are a privacy coins holder, you should keep an eye on how this progressed.
The government has started a war against privacy coins on any exchange which is bent to accept regulations from the government. This problem we see is somehow a solution for the acceptance of cryptocurrency on the part of the government. Haven seen this happening, I wonder how soon will they announce and recognize cryptocurrency as a currency. Before this will happen, that is, the acceptance if cryptocurrency many coins or tokens will be delisted from exchanges especially those with anonymous privacy control.
This news looks like it will have a huge effect on privacy coins but I doubt if it will happen, because privacy coins are there to keep users informations on check , thus I don't see much to it other than an exchange trying to obey regulations. There are already other exchanges where these coins are listed and doubt if they will all delist, nevertheless there have to be plan B for these privacy coins and owing to their decentralized nature, I think DEXs will be the best bet.
Privacy coins getting delisted is just a small side-effect of FATF ruling
currently getting implemented by its member countries (all 37 countries).
What is far more important is that this FATF ruling impacts anything and everything
involving "crypto assets" (all cryptocurrencies, all exchanges, all wallet providers).
FATF ruling also includes the so called "travel rule":
Link: https://ciphertrace.com/fatf-crypto-travel-rule/
This travel rule directly impacts the privacy of cryptocurrency users (any cryptocurrency user)
When you look at the privacy-sensitive data that will flow outwards thanks to this travel rule,
there is even a high chance this travel rule will directly violate European Privacy Laws.
(European Privacy Laws prohibit the flow of privacy-sensitive data to go outside the EU).
Since the FATF ruling (including the travel rule) is not mandatory to implement (its a set of recommendations),
i guess its up to countries and exchanges themselfes to decide if they want to follow it or not.
I doubt countries will get so easily financially blacklisted by the FATF for not following these recommendations, when there is
so little actual money laundering and terrorist funding going through these "crypto assets".
currently getting implemented by its member countries (all 37 countries).
What is far more important is that this FATF ruling impacts anything and everything
involving "crypto assets" (all cryptocurrencies, all exchanges, all wallet providers).
FATF ruling also includes the so called "travel rule":
Quote
The travel rule has been a requirement for some time for international banks whenever they transact business
on behalf of the customer. It has however been subject to discussion in the cryptocurrency industry often described
as onerous and infringing on user privacy. The FATF completed recommendations to 37 of its member countries in the
summer. The recommendations included the controversial “virtual asset service providers” that requires crypto exchanges
to share customer information when transferring funds.
The agency gave member nations 12 months to implement the recommendation. Although it is not mandatory, countries
not complying could find themselves on a financial blacklist.
on behalf of the customer. It has however been subject to discussion in the cryptocurrency industry often described
as onerous and infringing on user privacy. The FATF completed recommendations to 37 of its member countries in the
summer. The recommendations included the controversial “virtual asset service providers” that requires crypto exchanges
to share customer information when transferring funds.
The agency gave member nations 12 months to implement the recommendation. Although it is not mandatory, countries
not complying could find themselves on a financial blacklist.
Link: https://ciphertrace.com/fatf-crypto-travel-rule/
This travel rule directly impacts the privacy of cryptocurrency users (any cryptocurrency user)
When you look at the privacy-sensitive data that will flow outwards thanks to this travel rule,
there is even a high chance this travel rule will directly violate European Privacy Laws.
(European Privacy Laws prohibit the flow of privacy-sensitive data to go outside the EU).
Since the FATF ruling (including the travel rule) is not mandatory to implement (its a set of recommendations),
i guess its up to countries and exchanges themselfes to decide if they want to follow it or not.
I doubt countries will get so easily financially blacklisted by the FATF for not following these recommendations, when there is
so little actual money laundering and terrorist funding going through these "crypto assets".
Korean exchange delisted privacy coin it just goverment issue. The korean goverment wont privacy coins used by peoples to do bad things like drugs , money loundry , and anything about ilegal activity. So Okex is doing what that should they do.
even not using privacy coin, another cryptocurrency can do that, because in blockchain can't tracable even we know where the currency are transacted and received, but who know the owner from that unit currency asset, if the reason from goverment just that, okex still can okex can argue and refuse
Very bad news for privacy coins like Dash and monero that I like the most. I think Okex Korea is just obeying some laws in their natin. The price of privacy coins will surely affected with this news. People might think that other exchanges will follow on delisting privacy coins due to law.
Korean exchange delisted privacy coin it just goverment issue. The korean goverment wont privacy coins used by peoples to do bad things like drugs , money loundry , and anything about ilegal activity. So Okex is doing what that should they do.
This is not a good thing to hear for the Privacy Coins investors, what about the price right now?
are they affected with this sudden purge? if not then they need to make up their minds and look for another coin to invest.
because they will not know if the other exchanges will do this move too.
are they affected with this sudden purge? if not then they need to make up their minds and look for another coin to invest.
because they will not know if the other exchanges will do this move too.
Each exchange has its own regulations but it's funny they allowed these coins to get listed when they are starting out, so they increase their volumes, after using these privacy coins to increase their volumes and status they've delisted these top coins in the market.
Why bother to delist privacy coins ? Just make a rule, user must KYC to be able to deposit and withdraw, simple.
They will be able to verify the privacy coins owner from their KYC database.
I think there are another reasons for delisting such coins from the exchange.
They will be able to verify the privacy coins owner from their KYC database.
I think there are another reasons for delisting such coins from the exchange.
This news just sounds like saying, Bitcoin should lose its decentralized nature because a certain few are not okay with it. Like seriously, why listing them in the first place when they know vividly that privacy coins are meant for anonymous transactions. However, in my own opinion, this news holds no ground nor will it have a huge effect on privacy coins let alone making the team to change the nature of their coins.
I believe there are still other exchanges which have no issue with privacy coins, also I think decentralized exchanges should man up and step up their games so as to be the one stop shop for privacy coins.
I believe there are still other exchanges which have no issue with privacy coins, also I think decentralized exchanges should man up and step up their games so as to be the one stop shop for privacy coins.
Might not be a good news for crypto enthusiast specially those who invest on privacy coins. But I'm not surprised by the move though, we all know that governments around the world are clamping crypto specially privacy coins. And we all know that those privacy coins can be a hotbed for criminals that's why governments are putting pressure on exchanges on the last couple of months to remove or de-list privacy coins in their platform. I think LBC already did that move last May removing Monero and Japan's FSB is putting a pressure on Japanese exchanges to drop privacy coins as well. So this will be the trend, sad to say.
I don't like this news. From what I know OKex doesn't handle fiat, so they should not necessarily comply rules.
On the other hand, it can be a method to avoid hacks/hackers get use of stolen coins, if the other exchanges also comply.
On the other hand, it can be a method to avoid hacks/hackers get use of stolen coins, if the other exchanges also comply.
I agree. It is strange. Not to mention they talk for a year in Korea about it. Makes very little sense.
Well it's better than giving people false promises regarding their privacy. As soon as your real information is linked with a privacy coin like XMR or ZEC then it loses much of its anonymity.
How can you explain a bit more. You cant unlink your identity from a coin with transparent ledger once you linked your identity to them. Impossible to do it. With Monero is simple. All you need to do is send it to another valet and no one, except you , dont know where those coins come from.
That’s not a good news
But I think decentralized exchanges will be growing stronger with news such as this
Investors need to be quick in their decision making; why regulation against crypto currency should not be rushed
But I think decentralized exchanges will be growing stronger with news such as this
Investors need to be quick in their decision making; why regulation against crypto currency should not be rushed
Okex korea on war with privacy coins, they have decided to delist privacy coins like zcash, Dash, monero, horizen and SBTC, Why? well the reason is..
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
“For one, transactions themselves need to be routinely monitored, ostensibly to detect unusual and potentially criminal patterns.
Secondly, a new ‘travel rule’ necessitates that exchanges and money transmitters share customer info with each other, so that one exchange can confirm, for example, that a customer on another platform it’s sending 10 bitcoins to has a verified identity.”
Click on the link below to read the full news
https://www.coinspeaker.com/monero-dash-privacy-coins-delisted-okex-korea/
Can't blame Okex exchange for this. They need to bow to the laws of the Korean government which instructed them to do this. Crypto needs to be regulated. I believe in this. Regulation will spur its growth further. Customers who are not happy with this new development can always patronize the services of other exchanges. My fear is that, the future of privacy coins is now in jeopardy
Dash privacy technology that users can optionally use is based on CoinJoin, only more sophisticated and decentralized.
Since CoinJoin also exists for Bitcoin (through several wallets having implemented it for Bitcoin and Bitcoin Cash),
there is effectively no legal difference between Bitcoin and Dash.
Note that Dash is also forked from Bitcoin code-base and has a high level of compatability.
Dash optional privacy is actually not used much on the Dash network (less then 1% of Dash transactions are of private nature).
Since CoinJoin also exists for Bitcoin (through several wallets having implemented it for Bitcoin and Bitcoin Cash),
there is effectively no legal difference between Bitcoin and Dash.
Note that Dash is also forked from Bitcoin code-base and has a high level of compatability.
Dash optional privacy is actually not used much on the Dash network (less then 1% of Dash transactions are of private nature).
Dash’s Privacy Features And Compliance
https://blog.dash.org/dashs-privacy-features-and-compliance-c27d79254ff1
The last news by the Okex branch will be the reason for the decreasing price of the privacy altcoin. There are several causes for this action by the exchanges, the main one is the problems with the terms of regulation. Exchanges want to comply with the rules of the agreement by the official regulators but the untraceable blockchains will be shady for these organizations for tracking the trancationson on the blockchain.
exchanger can't do anything about the goverment regulation, moreover many country banned cryptocurrency, and special for privacy coin they are 100% untracable and make goverment worry about money laundrying, and i think about the price don't give big affect in market 
The last news by the Okex branch will be the reason for the decreasing price of the privacy altcoin. There are several causes for this action by the exchanges, the main one is the problems with the terms of regulation. Exchanges want to comply with the rules of the agreement by the official regulators but the untraceable blockchains will be shady for these organizations for tracking the truncations on the blockchain. I hope the circumspection will not last longer for the privacy-focused coins and the privacy coin banned exchanges will let the crypto traders continue trading. The DEXs are the key point in this situation, it will be near to the impossible limiting the trading of the privacy coins and transfers on the anonymous blockchain.
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